Pharmacy School Loans: How To Pay for a Pharm.D. Degree

Pharmacy school can be very expensive, with tuition and fees alone totaling tens of thousands of dollars per year. These costs can add up quickly when you’re attending school for multiple years. The good news is that pharmacists can also earn a high salary — the median wage was $137,480 in 2024, according to the Bureau of Labor Statistics. 

If you want to attend pharmacy school but can't afford to pay for it yourself, student loans can help. Here’s what you need to know about pharmacy school loans, as well as alternatives to consider. 

Current private student loan rates

How much does pharmacy school cost?

Pharmacy school costs can vary widely, depending on location, whether the university is public or private, and whether the program is traditional or accelerated. For example, the cost of tuition and fees at Chapman University was $86,580 in the 2022-23 academic year, compared with $44,244 for in-state students at the University of California, Irvine, according to the American Association of Colleges of Pharmacy.

In addition to tuition and fees, you must pay for room and board, books and supplies, transportation, and other expenses. The University of South Florida estimates that in-state Pharm.D. students will spend $8,210 on housing and $3,500 on food for the spring 2026 semester alone. When adding transportation, books, and personal allowances, the total estimate for non-billable costs (funds not paid to the school) rises to $17,830. 

With costs this high, it's not surprising that the median debt for the pharmacy class of 2023 was $158,000, according to the American Pharmacists Association.

Federal student loans for pharmacy school

If you need to borrow money to fund your pharmacy education, federal student loans are generally the best option. 

“I would apply for as much as you qualify for in federal loans,” says Domenick D'Andrea, an accredited investment fiduciary (AIF) and co-founder of DanDarah Wealth Management.

Pharmacy students are eligible for two types of federal student loans:

• Direct Unsubsidized Loans: These loans have a $20,500 annual limit and a $138,500 aggregate limit. The fixed rate for Direct Unsubsidized Loans is 7.94% for loans issued on or after July 1, 2025, and before July 1, 2026, and there is an origination fee of 1.057%. However, for new borrowers on or after July 1, 2026, the annual loan limit is $50,000 for professional students, with an aggregate limit of $200,000, not including amounts borrowed for undergraduate education.
• Grad PLUS loans: With grad PLUS loans, you can borrow as much as the school-certified cost of attendance, minus any other financial aid received. These loans have a fixed interest rate of 8.94%, and there’s a 4.228% origination fee.

It’s typically best to max out these loans before taking out any private student loans. Federal loans offer many borrower benefits, including income-driven repayment plans, loan forgiveness, and flexible deferment and forbearance options that most private loans do not.

Your credit score also won't affect your eligibility or rate for Direct Unsubsidized Loans and grad PLUS loans, although you can’t qualify for PLUS loans if you have adverse credit.

Private student loans for pharmacy school

Private student loans can help fill the gap if you’ve reached your federal student loan limits. If you or your cosigner has excellent credit, you may also be able to get a lower rate on a private loan than you would on a grad PLUS loan. However, private loans don’t offer the same borrower benefits as federal loans. If you decide to take out a private student loan, you'll need to find the right one for your situation. 

“Before securing a private loan, shop around for the best rates and terms,” advises Steven Conners, founder and president of Conners Wealth Management. Some key things to look for include:

• Interest rates: Rates can be fixed or variable, and they vary by lender. Get quotes from several lenders before committing to one.
• Repayment terms: Not all private lenders offer the same loan terms — some may offer repayment terms ranging from 5 to 20 years, while others may only have 2 terms to choose from. Longer repayment terms have lower monthly payments but cost more in interest over time. Shorter repayment terms have higher monthly payments but lower total costs over the life of the loan. 
• Eligibility requirements: Lenders will check your credit and income before approving you for private student loans. If you can't qualify on your own, you may need a creditworthy cosigner. 
• Cosigner release: If you have a cosigner, find out if lenders offer cosigner release options, which allow you to remove a cosigner from the loan after a certain number of on-time payments. 
• Forbearance and deferment options: Check lenders’ policies for when and how you can defer payments or put loans into forbearance. These options allow you to pause payments during certain periods, including during school and times of economic hardship. 

You should aim to get quotes from at least three different lenders and compare rates and terms to find the best option for your needs. 

Scholarships and grants for pharmacy students

It’s best to exhaust free sources of aid before turning to student loans. 

“If you’re already working, you might want to see if your employer has any employer-sponsored programs for tuition assistance,” says Conners. Other sources off gift aid include scholarships and grants offered by individual schools, states, and private organizations.

Some examples of scholarships for pharmacy students include:

• James A. Mincy Independent Pharmacy Scholarship: This is a $1,500 scholarship for pharmacy students who have “demonstrated outstanding academic achievement, made contributions through volunteer work, and participated in professional or student organizations.” It’s one of several options available through the Florida Pharmacy Foundation.
• Walmart Community Pharmacy Scholarship for Pharmacy Students: This scholarship “will support the financial need of students enrolled in Doctor of Pharmacy (Pharm.D.) degree programs” who plan to serve in rural areas, medically underserved areas, or health professional shortage areas. It’s one of several available through the American Association of Colleges of Pharmacy.
• Tylenol Future Care Scholarship: Ten students will receive scholarships worth $10,000, and 25 students will receive $5,000 scholarships through this program aimed at "deserving students pursuing careers in health care."

These are just some of the many scholarships that could be available to you. Use online search engines and contact your school's financial aid office to find opportunities that you could take advantage of. 

Refinancing pharmacy school loans

Once you’ve taken out pharmacy loans, it may make sense to refinance those loans at some point in your career. Refinancing is best for private student loans, as refinancing federal student loans causes you to lose access to federal benefits and protections. 

Refinancing can often lower your rate on existing private student loans, especially if your financial credentials have improved since you first applied for student loans. In addition to lowering your interest rate, refinancing can allow you to change your repayment timeline, get a lower monthly payment, or remove a cosigner.

Check Out: Best student loan refinance companies